FxWirePro: ETH/USD upside capped by 5-DMA, break above 300 to see minor bullishness

(Refer ETH/USD chart on Trading View)

ETH/USD is trading in a narrow range on Wednesday with its upside capped by 5-DMA.

It is currently trading at 281 levels at the time of writing (Coinbase).

On the topside, a consistent break above 300 levels would see the pair testing 331 (10-DMA)/367 (21-EMA)/400.

On the downside, the pair is likely to find support at 272 (1h 20-SMA) and any violation would drag it to 258 (lower Bollinger)/ 237 (113% extension of 828.97 and 305.14)/200.

Bias is heavily bearish on the daily chart. However, there could be minor pullbacks as momentum indicators are at the oversold levels.

The hammer pattern followed by a gravestone doji suggests current market indecisiveness.

Watch out for a break above 300 levels for minor bullishness in the pair.